Hyperliquid USDC Reserve Yield Sharing Mechanism launched on August 26, expected to contribute $200 million annually to buy back HYPE

BlockBeats News, August 17th, the Hyperliquid AQAv2 stablecoin model protocol has previously received support from 19 out of 26 validators, and the related mechanism is expected to officially start yield accrual on August 26th. At the same time, Circle has transferred approximately $4.4 billion USDC to Coinbase on HyperEVM through the AQAv2 mechanism, setting a record for the largest single USDC transfer on HyperEVM. If the plan proceeds as scheduled, the yield generated by AQAv2 will begin to accrue on August 26th, with the first payment expected to enter the Assistance Fund on October 3rd.

AQAv2 (Aligned Quote Asset v2) is a stablecoin mechanism announced by Hyperliquid in May of this year, allowing stablecoins, including USDC, that are not exclusively issued by Hyperliquid to qualify as "Aligned." According to public information, the majority of the stablecoin yield from AQAv2 will be returned to the Hyperliquid ecosystem, with 90% of the yield allocated to the relevant mechanism, and then 100% used for HYPE token buyback and burn. Coinbase has been designated as the fund deployment party, with Circle responsible for technical deployment, and both parties will stake HYPE to participate in the mechanism.

The previous requirement of the mechanism was that the stablecoin had to be an exclusive asset of Hyperliquid, but AQAv2 has lifted this restriction and will focus on the HIP-4 standardized market and the perpetual contract market operated by validators. According to relevant public disclosures, AQAv2 is expected to generate up to approximately $200 million in revenue and further strengthen token value capture through the HYPE buyback and burn mechanism.